Bitcoin does serve the purpose of money, just like any other money.  HODL is still considered the best Bitcoin strategy.  There are an increasing number of holders and many Bitcoin exchanges take place within the exchange and it is not reflected in the price moves.

Many of them prospect to use it for the long-term capital gains.  They HODL it long enough until the tokens hit an all-time high.  To sit in one place is not a good thing whether for Bitcoin or any other kind of money though.

One thing that keeps traditional economic ideologists raise eyebrows is about BTC not having a common element or substance using which it can be measured versus other assets.  Also, the supply and demand tends to influence the value. 

Mati Greenspan tweet expressed the same idea: “Not sure if it’s a good thing (or) not, but it’s definitely happening. By this time next year, all central banks will have some form of digital money.”

Implying a practical reality, Sydney Ifergan, the crypto expert tweeted: “Enough is never enough.  A lot of education has to go to make Bitcoin adoption truly possible to laymen. Whether BTC or other Altcoins, the use case education is crucial so that people know what to do with all these tokens.”

Stable Coins to Increase Bitcoin Usage

The use of digital currencies is at par with fiat currencies, and in reality, when it comes to cross border payments, it is far more practical for use and very fast than digital currencies.  It is expected that in a couple of years’ time, every central bank might come up with some kind of digital currency.  There is also a growing interest in the usage of stable coins.

Global remittance and cross-border payments are a natural use case for stablecoins, considering the ease with which they can facilitate international transfer.  Following the pandemic inflicted panic in the market, there is an increase in digital payments. More of such uses will get known to the cryptocurrency ecosystem. Stable coins can also become the key to increased usage of Bitcoin and other tokens.

There is also a growing interest among users to store Bitcoin in hardware wallets as opposed to storing them in exchanges as they feel that nothing feels as good like controlling their own BTC.

Scammers are asking for investors to send them BTC. Scammers do not ask for anything that is not worth or valuable.  When Scammers ask for Bitcoin it is naturally a valued asset and they well know it is money.